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The causes of the debt crisis in Europe and the role of regional integration

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  • Carlo Panico

Abstract

The factors that allow the launch of a speculative attack, such as those on he government debts of Greece, Spain, Portugal, Ireland and Italy in 2010, are always multiple. In this case, they can be found in some simultaneous events (e.g. the regional German elections of the 9th of May), in some previous faulty behaviors of the governments under attack, and in some defects of the institutional organization of the European Monetary Union. Those who believe that the operation of market forces (and of financial speculation) is always able to bring about efficiency tend to stress the role played by the faulty behaviors of the authorities. Those holding a different standpoint tend to blame the faults in the institutional organization that have prevented the authorities from operating effectively against the speculative attack. For those having faith in the “market efficiency hypothesis”, the government of Greece and of the other countries under attack failed to take advantage of the positive trend of the world economy before the financial crisis.

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  • Carlo Panico, 2010. "The causes of the debt crisis in Europe and the role of regional integration," Working Papers wp234, Political Economy Research Institute, University of Massachusetts at Amherst.
    • Handle: RePEc:uma:periwp:wp234
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    Cited by:

    1. Ramon Pacheco Pardo, 2012. "Leadership, decision-making and governance in the EU and East Asia: crisis and post-crisis," Asia Europe Journal, Springer, vol. 9(2), pages 77-90, March.
    2. Keita, Kady & Rabaud, Isabelle & Turcu, Camelia, 2023. "Fiscal outcomes, current account imbalances, and institutions in Europe: Exploring nonlinearities," International Economics, Elsevier, vol. 175(C), pages 121-134.
    3. Mariolis, Theodore & Katsinos, Apostolis, 2011. "Return to devalued drachma, cost-push inflation and international competitiveness," MPRA Paper 35413, University Library of Munich, Germany.
    4. Mirdala, Rajmund & Ruščáková, Anna, 2015. "On Origins and Implications of the Sovereign Debt Crisis in the Euro Area," MPRA Paper 68859, University Library of Munich, Germany.
    5. Dmitri Sergeevich Evstafiev & Natalia Genrikhovna Zaslavskaya, 0. "EU Macroeconomic Policy Reforms under Influence of Eurozone Crisis," Administrative Consulting, Russian Presidential Academy of National Economy and Public Administration. North-West Institute of Management., issue 1.

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